Wednesday, October 16, 2013

Rep. Steve "What, me worry?" King, doesn't think looming default is a problem

Contrary to financial expert poseur and grandstanding Rep. Steve King (R-Fantasy Island), whose business background involved operating bulldozers, people with actual financial expertise are appalled at his and his party's brinkmanship. To whit:
     “We’ve never gotten to the point where the United States government has operated without the ability to borrow. It’s very dangerous. It’s reckless, because the reality is, there are no good choices if we run out of borrowing capacity and we run out of cash. ... I’m telling that you that on 17th we run out of our ability to borrow, and Congress is playing with fire.” — Treasury Secretary Jack Lew on CNN’s “State of the Union.”
     “The debt ceiling makes no sense anyway. If you’re going to spend more than you take in you’re always going to have to be raising it. What makes sense is looking at the appropriations, looking at revenue sources and that sort of thing. ... It makes absolutely no sense to let it be used as a lever for other things. ... To tie it to something about whether you break the promises of the United States government to people all over the world as well as its own citizens just makes no sense. It should be banned as a weapon. It should be like nuclear bombs, basically too horrible to use.” — Billionaire investor Warren Buffet in Fortune.

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